Closing costs for buying a home typically range from 2% to 5% of the purchase price.
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info@jpmanage.net
110 Traders Cross 1st Floor
Bluffton, SC 29909
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Frequently Asked Questions
ABOUT THE BUYING PROCESS
Pre-qualification and pre-approval are two steps in the mortgage process that helps you determine how much you can borrow. Here’s the difference:
Pre-Qualification
1. Estimate: We provide an estimate of borrowing capacity based on basic financial information.
2. No credit check: Typically, no credit report is pulled.
3. Non-binding: Pre-qualification is not a commitment to lend.
4. Quick process: Usually done online or over the phone.
Pre-Approval
1. Verified information: We verify financial documents, credit report, and employment.
2. Credit check: Credit report is pulled.
3. Conditional approval: We commit to lending a specific amount.
4. More detailed process: Requires documentation and may take longer.
Pre-qualification gives you an idea of your borrowing potential, while pre-approval provides a more accurate and committed offer from the lender.
The Offer Process
1. Determine your offer price: Consider factors like market value, condition, and competition.
2. Choose contingencies: Specify conditions, such as financing, inspection, or appraisal.
3. Decide on closing terms: Include proposed closing date and possession.
4. Write the offer: Typically done through a real estate agent.
Key Components of an Offer
1. Purchase price
2. Contingencies (e.g., financing, inspection)
3. Closing terms (date, possession)
4. Earnest money deposit (EMD)
5. Inspection and testing requests
After Submitting the Offer
1. Seller review: Seller considers and responds.
2. Negotiation: Potential counteroffers.
3. Acceptance: Signed agreement.
4. Due diligence: Fulfill contingencies.
5. Closing: Finalize purchase.
Stay organized, and don’t hesitate to ask your real estate agent or attorney for guidance!
The typical timeline for buying a home varies depending on factors like location, financing, and individual circumstances. However, here’s a general outline:
Pre-Approval to Closing
Pre-Approval (1-3 days)
1. Contact lender
2. Provide financial information
3. Receive pre-approval letter
Home Search (1-3 months)
1. Identify needs and wants
2. Research neighborhoods
3. View homes
Offer Submission (1-3 days)
1. Find desired home
2. Determine offer price
3. Submit offer
Inspections and Due Diligence (7-14 days)
1. Home inspection
2. Review title report
3. Assess property condition
Closing Preparations (14-30 days)
1. Finalize financing
2. Complete appraisal
3. Review and sign documents
Closing (1 day)
1. Sign final documents
2. Transfer ownership
3. Receive keys!
Total Timeline: 2-6 months
Keep in mind that this timeline may vary depending on:
1. Local market conditions
2. Financing complexity
3. Seller’s responsiveness
4. Your preparedness
Stay organized, communicate effectively, and enjoy your home-buying journey!
QUESTIONS ABOUT RENTING
Lease terms on JP & Me Management rental properties can vary, but here are two of the most common durations:
Fixed Lease Term: Typically ranges from six months to one year, with the most common being one year.
Rent-to-Own Lease: Allows You to rent a property with the option to buy.
Rent varies depending on factors like the location of the property, property type, and if the amenities are included or not.
Please consult with your real-estate agent, property manager, or a JP & Me Management team member for more info on any property.
A security deposit is required for rental properties and typically is equal to 1-2 months’ rent.
The purpose is to cover damages beyond normal wear and tear and also to ensure compliance with the lease terms.
There is a Return Police on the deposit and is typically refunded within 14-30 days after moving out. Deductions for damages or unpaid will be calculated and handled accordingly.
There is also a pet deposit between ($0-$500), which will be calculated by the type of pet, the property type, and location.
Utilities inclusion varies depending on:
Location
Property Type
Lease Agreement
Common Practices
1. Electricity: Usually tenant-responsible.
2. Water: May be included or split between tenant and landlord.
3. Gas: Typically tenant-responsible.
4. Internet: Rarely included, but sometimes provided in apartments.
We will use one of four utility arrangements
1. All-Inclusive: Rent covers all utilities.
2. Partial-Inclusive: Rent covers some utilities (e.g., water, trash).
3. Tenant-Responsible: Tenant pays all utilities separately.
4. Split Utilities: Tenant and landlord share utility costs.
Rent increases are subject to local laws and lease agreements.
Lease Agreement Terms
1. If you have a fixed lease, your rent is fixed for the lease duration.
2. If you have a variable lease, your rent is adjustable based on market conditions.
Notice Requirements
1. Typical Notice Period: 30-60 days.
Reasons for Rent Increase
1. Market Rate Adjustments
2. Operating Cost Increases (taxes, utilities)
3. Property Improvements
4. Lease Renewal
You Have The Right To
1. Receive written notice within Notice period.
2. Dispute and contest unfair increases.
3. Negotiate or terminate lease.
Our Obligations
1. Give justification and provide a reason for increase.
2. Give notice and adhere to notice requirements.
3. Stay in compliance and follow all local regulations.
